Michigan Laws 125.707 – Cooperative financing arrangement; resolution; agent borrower
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Terms Used In Michigan Laws 125.707
- Borrower: means either of the following:
(i) The city, village, township, or county operating under this act. See Michigan Laws 125.651
A borrower desiring to join in a cooperating financing arrangement with any other borrower shall adopt a resolution determining to enter into a cooperative financing arrangement and designating 1 of the cooperating borrowers as agent borrower. The agent borrower by resolution shall agree to accept the designation and act in the capacity of agent borrower and direct the preparation of a financing agreement.